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Posted On:  1 year ago


Having Interest Income? Check if it is Taxable and where to disclose in Income Tax return form?

We all have savings which are either invested or lying in our saving bank account. Have you ever wondered how many different type of Income from Interest you are earning? How it is taxed? If it is exempt where to show in Income Tax Return? With PM project of Jan dhan Yojna number of people receiving interest on saving bank account has increase in crores. Forget interest income on saving, most of elder individuals has invested in KVP, PF post office etc. and forgotten the investment altogether, only at the time of maturity they realize they have not shown interest income yearly and have to pay taxes on receipt basis at higher slab. Recently many individual has received notice from Income Tax as there is TDS deducted by Bank on Interest income, however the same is not included in total income or individual has skipped filing of income tax return thinking interest in exempted. Not all interest Income is exempted, and even it is exempted we need to disclose the income in ITR forms. Below article give you list of different type of Interest Income, its taxability and disclosure requirement in Income Tax Return Form.

article author CA Chirag Chauhan

Posted On:  1 year ago


TDS Statement Upload – User Manual

Income Tax department has release process manual to upload TDS statement following is step wise instruction

article author CA Chirag Chauhan

Posted On:  1 year ago


No penalty on ‘Assessee’ for TDS default if he or she relied on her CA’s advice

The Case is between Aishwarya Rai Bachchan Vs Additional CIT, Range 2 Mumbai. The outcome of the case is "No penalty on ‘Aishwarya Rai’ for TDS default if she relied on her CA’s advice".

article author One Roof Consultant

Posted On:  1 year ago


Process to Protect your Income Tax Department e-Filing account through E filing Vault option

In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the "E-filing Vault". In order to use this facility, you can log in to your E-filing Account and to protect your e-filing vault follow the steps provided below Restricting the methods/options for Login and locking the reset password options will secure account from possible mis-use. This is for additional security or secured access.

article author CA Chirag Chauhan

Posted On:  1 year ago


Amnesty Scheme 2016 of Maharashtra Value Added Tax (MVAT) – Sales Tax Department

To Help Dealers and solve problem of pending appeal and releasethe revenue pending before the courts, Maharashtra Government proposed an amnesty scheme for such dues under various Act as defined below by the Sales Tax Department. Amnesty is not made available for pending tax dues. It is available where a dealer who has filed an appeal and the recovery of disputed dues is stayed by the appellate authority can avail amnesty scheme. If the dealer withdraws the appeal then he can avail the amnesty scheme.

article author CA Chirag Chauhan

Posted On:  1 year ago


True Benefits of Filing ITR

We all know that that it is a changing era and we should move with the time for smooth running of our life. For this we should also take care of our Income Tax and Income Tax Return along with our Incomes. In the same manner we should understand the benefits of filing Income Tax Return to take most of the advantage from it.

article author Harbinder Singh

Posted On:  1 year ago


Guidance note on Companies Auditors report order 2016 (CARO) Issued by ICAI

The Central Government, in exercise of the powers conferred, under sub-section (11) of section 143 of the Companies Act, 2013* (hereinafter referred to as “the Act”), issued the Companies (Auditor’s Report) Order, 2016, (CARO, 2016/ “the Order”) vide Order No. S.O. 1228(E) dated 29th March, 2016. CARO, 2016 contains certain matters on which the auditors of companies (except of those categories of companies which are specifically exempted under the Order) have to make a statement in their audit report. The text of the CARO, 2016 is given in Appendix I to this Guidance Note.

article author CA Chirag Chauhan

Posted On:  1 year ago


Step Wise Process to File Form 15CA and 15CB both online, withdrawal of Form, from 1 April 2016

The New rules to file form 15CA and 15CB Online are applicable form 1 April 2016. Based on new rules following is the detail process to file form as per requirement.

article author CA Chirag Chauhan

Posted On:  1 year ago


Having Turnover of Less than 10 Lakhs? How to File NIL Service Tax return with Circular No 033/2012

The government is willing to provide equal opportunity and hence exempt Small Service Provider from liability of Service Tax and complex Compliance requirement. Service Tax is levied based on turnover of services provided. The threshold exemption limit of Rs. 4 lakhs was raised to Rs. 8 lakhs from 2007, later in 2008 it was further increased Rs.10 lakhs. Via Notification No. 33/2012-ST dated 20-6-2012, with this all previous Notification are superseded.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to do Registration of New Taxpayer on e-Filing website

Are you filing first time online? Individuals and corporates who want to file Income Tax Return online have to register them self online in Income Tax Website. Once they are register as per the process below the can start filing return and track online all activity in relation to Income Tax

article author CA Chirag Chauhan

Posted On:  1 year ago


Register as Legal Heir in your E Filing Account of Income Tax (applicable in case of any deceased taxpayer)

To register as Legal Heir, please follow the below steps: Login to e-Filing website with User ID, Password, Date of Birth/ Date of Incorporation and Captcha. Go to My Account and click on "Register as Legal Heir." Provide the necessary details like Type of Request and Details of the Deceased like PAN, Date of Birth (DD/MM/YYYY), Surname, Middle Name and First Name.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Pay Income Tax, Corporate Tax, TDS, TCS and other central Tax Online

Gone are days when you have to wait in que at bank brach in last days of month to pay advance tax and self-assessment tax. In this E revolution it is very easy and hassle free to pay tax online. You need to have online net banking facility and sufficient balance in your account to pay the tax amount.

article author CA Chirag Chauhan

Posted On:  1 year ago


How To check Status of PAN and TAN Application once applied.

PAN Number and TAN number usually takes 20 to 30 days to reach to your address, once applied and documents are submitted. We can check the status online by submitting basic details as explained below. Some time PAN / TAN docuemnts attached are not sufficient proof and may require additional proof. In such cases you can even check online and send additional document as required. In few cases at the time of delivery the office or resident address is closed and PAN / TAN is return back to the Income Tax Department. In such cases we need to check the status of PAN / TAN and write to department to issue again.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Request for Resending Intimation Order u/s 143(1)/154

The Income Tax Return are processed once we get copy of order under section 143(1) or copy of rectification order undersection 154. The same is received by Email and most of time we missed out saving the email or accidently delete it. If you require copy of the order you can follow steps as mention and get copy for all Assessment year for which you have filed return online.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Submit Request for Rectification

There are many time when there are errors in filing the Income Tax Return, may it is tax credit mismatch or any data other than tax needs to be changed. Following are the steps to be followed at the time of rectification

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Upload Income Tax Return Online

Filing of income Tax Return is very easy and convenient as all you need is internet connection and create an online account. Following are the steps to follow for filing Income Tax Return Online. You can visit link http://incometaxindiaefiling.gov.in/

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Request for Refund Re-issue (in case of refund failure)

Many times refund issue is not encased because of bank account number mismatch or refund cheque getting stale. You can always apply for refund again from your online account and get it within few days. The article gives you step wise instruction on how to request for refund re issue.

article author CA Chirag Chauhan

Posted On:  1 year ago


Online PAN Verification – How to verify PAN card online ?

By using the Online PAN Verification facility, one can know/verify the Permanent Account Number (PAN). This facility is referred to as "PAN Verification" or "Know Your PAN". Any user can check the validity of pan card and cross check with department records.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to reduce tax liability through HUF?

In this article we will discuss how to reduce the Tax Liability using HUF. As it is a separate legal entity in the eyes of Income Tax Act.

article author CA Kapil Goel

Posted On:  1 year ago


Received Notice for 26QB Statement not yet filed for Purchase of Property? How to reply and FAQ

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property is equal or exceeds or to 50,00,000 (Rupees Fifty Lakh). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser/buyer of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

article author CA Chirag Chauhan